Vesey Ventures Launches $78 Million Debut Fund Focused on FinTechs

Vesey Ventures has launched a $78 million debut fund focused on early-stage FinTech companies.

The new venture firm was founded by three former managing directors at Amex Ventures: Dana Eli-Lorch, Lindsay Fitzgerald and Julia Huang, Vesey Ventures said in a press release emailed to PYMNTS.

The founders said in the release that they have nearly a decade of experience investing together and establishing partnerships between FinTech companies and financial services institutions that have infrastructure, capital, licensesand customers.

“We created Vesey Ventures to give our portfolio companies a competitive edge early on by bridging the gap between the companies in need of new technologies and those building them,” Eli-Lorch, Fitzgerald and Huang said in the release. “Partnership can be a game-changing part of a FinTech company’s growth story and we have an unparalleled track record of delivering these for our founders.”

The founders previously made early investments in Stripe, Plaid, Toast, Melio, Trulioo, Signifyd, iZettle, FalconX, Menlo Security, BioCatch, Codat and other successful FinTech companies, according to the press release.

They have also established more than 100 partnerships between startups and financial services institutions, the release said.

Their new fund, which is based in the United States and Israel, has already made investments in Coast, Cyrus, Grain, Equi and Proper, per the release.

Coast founder and CEO Daniel Simon said in the release that Vesey Ventures has provided innovative business development ideas, the right hires and the right advisors.

“Partnering with Vesey Ventures has been jet fuel for Coast,” Simon said in the release. “The team immediately showed a deep understanding of my business and identified the tactics they could deploy to move the needle for us.”

The launch of this new fund comes at a time when FinTechs have shifted toward profitability, a milestone that few neobanks have achieved despite disrupting the global traditional banking system.

As PYMNTS reported March 6, there is mounting pressure on startups to pivot from the growth-before-profit mindset that many have pursued since launch.

The change in focus has been driven by the past year of tech investment belt-tightening and renewed investor focus on unit economics amid the current economic slowdown.